New Delhi: Pensioners Tax Financial Year 2018-19, No income tax below 5 lakhs. The central government is preparing plans to provide relief to the pensioners in the Income Tax Exemption. According to the reports, the government is also planning to put into 2018 budget. The government has already started working on ensuing budget. The Central govt has started initiatives to satisfy all the categories in the coming budget.
Pensioners Tax FY 2018-19 below Rs.5 lakh, no income tax
The Govt is examining on income tax exemption of pensioner for below five lakh rupees, sources said. Currently, there is no income tax for pensioners, who are between 60 to 80 years, below three lakh rupees. But the government intends to increase the limit to Rs.5 lakh.
Reply of Arun Jaitley to Shashi Tharoor
— Shashi Tharoor (@ShashiTharoor) November 22, 2017
The Finance Ministry responded positively to the recent proposal made by Congress MP Sri Shashi Tharoor. To this extent, a letter came from Union Finance Ministry. Finance Minister Shiv Pratap Shukla said 2018 budget would consider the proposal to increase the tax exemption limit for pensioners. In the letter, reported that it would reflect the outcome of the financial bill in 2018.
If the total income including pension is not exceeding Rs 5 lakh, the pensioner above 80 years is not required to pay tax. Shri Shashi Tharoor mentioned in a letter to the Central govt on November 14. He also proposed to amend the current regulations in the Income Tax Act, 1961.
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